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shall enjoy the same tax exemptions as are ac-
PENALTY PROVISIONS Offenses by officers, employees, or agents; em- $ 211 (a) bezzlement; misapplication of funds; unauthorized making, issuing, or assigning instruments; false entries.-Any officer, director, agent, or employee of a Federal intermediate credit bank who embezzles, abstracts, purloins, or willfully misapplies any of the moneys, funds, or credits of such bank, or who, without authority from such bank, draws any order or bill of exchange, makes any acceptance, issues, puts forth, or assigns any note, debenture, bond, draft, bill of exchange, mortgage, judgment, or decree, or who makes any false entry in any book, report, or statement of such bank with intent in any case to injure or defraud such bank or any other company or person, or to deceive any officer of such bank or the Farm Credit Administration, or any agent or examiner appointed to examine the affairs of such bank; and every receiver of such bank who with like intent to defraud or injure, embezzles, abstracts, purloins, or willfully misapplies any of the moneys, funds, or assets of such bank, and every person who with like intent aids or abets any officer, director, agent, employee, or receiver in any violation of this section, shall be deemed guilty of a misdemeanor, and upon conviction thereof in any district court of the United States shall be fined not more than $5,000, or shall be imprisoned for not more than five years, or both, at the discretion of the court. (July 17, 1916, c. 245, § 211 (a); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1459; Mar. 27, 1933, Ex. Or. 6084.)
“Farm Credit Administration” mentioned in the text was substituted for “Federal Farm Loan Board” pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.
False statements to banks.-Whoever makes any § 211 (b) statement. knowing it to be false, for the purpose of obtaining for himself or for any other person, firm, corporation, or association any advance, or extension or renewal of an advance, or any release or substitution of security from such bank, or for the purpose of influencing in any other way the action of such bank, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both (July 17, 1916, c. 245, $ 211 (b); Mar. 4, 1923, c. 252, 82, 42 Stat. 1460).
Overvaluation of property offered as security for $ 211 (c) loan.-Whoever willfully overvalues any property offered as security for any such advance shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both (July 17, 1916, c. 245, § 211 (c); Mar. 4, 1923, c. 252, $ 2, 42 Stat. 1460).
Offenses by examiners.—Any examiner ap- $ 211 (d) pointed under this subchapter or subchapter I hereof who shall accept a loan or gratuity from any organization examined by him, or from any person connected with any such organization in any capacity, or who shall disclose the names of borrowers to other than the proper officers of such organization, without first having obtained express permission in writing from the Land Bank Commissioner or from the board of directors of such organization except when ordered to do so by a court of competent jurisdiction or by direction of the Congress of the United States or of either House thereof, or any committee of Congress or of either House duly authorized, shall be punished by a fine of not exceeding $5,000 or by imprisonment of not exceeding one year, or both, and may be fined a further sum equal to the money so loaned or gratuity given, and shall forever thereafter be disqualified from holding office as an examiner under the prvisions of this subchapter and subchapter I hereof. No examiner while holding such office shall perform any other service for compensation for any bank or banking or loan association or for any person connected therewith in any capacity (July 17, 1916, c. 245, § 211 (d); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1460; June 16, 1933, c. 98, $ 80 (a) 48 Stat. 273).
Offenses by officers, employees, or agents of $ 211 (e) banks; receiving fees or gifts.--Whoever, being an officer, director, employee, agent, or attorney of a Federal intermediate credit bank, stipulates for or receives or consents or agrees to receive any fee, commission, gift, or thing of value, from any person, firm, or corporation for procuring or endeavoring to procure for such person, firm, or
corporation, or for any other person, firm, or corporation any loan from any such corporation or extension or renewal of loan or substitution of security, or the purchase or discount or acceptance of any paper, note, draft, check, or bill of exchange by any such corporation, shall be deemed guilty of a misdemeanor and shall
upon conviction thereof be imprisoned for not more than one
year and fined not more than $5,000 or both (July
Forgery, counterfeiting, and like offenses relating $ 211 (f) to obligations of banks.-Any person who shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged, or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting any debenture, coupon, or other obligation in imitation of or purporting to be in imitation of the debenture, coupon, or other obligation issued by any Federal intermediate credit bank, or any person who shall pass, utter, or publish or attempt to pass, utter, or publish any false, forged, or counterfeited debenture, coupon,
or other obligation purporting to be issued by any such bank knowing the same to be falsely made, forged, or counterfeited, or any person who shall falsely alter or cause or procure to be falsely altered or shall willingly aid or assist in falsely altering any such debenture, coupon, or other obligation or who shall pass, utter, or publish as true any falsely altered or spurious debenture, coupon, or other obligation issued, or purporting to have been issued by any such bank, knowing the same to be falsely altered or spurious, shall be punished by a fine of not exceeding $5,000 or by imprisonment not to exceed five years, or both (July 17, 1916, c. 245, $ 211 (f); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1460).
False representations as to debentures or other $ 211 (g) obligations of banks.-Any person who shall deceive, defraud, or impose upon or who shall attempt to deceive, defraud, or impose upon any person, partnership, corporation, or association by making any false pretense or representation concerning the character, issue, security, contents, conditions, or terms of any debenture, coupon, or other obligation issued under the terms of this subchapter, shall upon conviction be fined not exceeding $500, or imprisoned not to exceed one year, or both (July 17, 1916, c. 245, § 211 (g); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1461.)
Unlawful use of words "Federal intermediate $ 211 (1) credit bank."-- All corporations not organized under the provisions of this subchapter are prohibited from using the words "Federal intermediate credit bank" as part of their corporate name, and any violation of this prohibition shall
subject the party charged therewith to a civil
Charging of unauthorized fees or commissions by banks.—No Federal intermediate credit bank shall charge or receive any fee, commission, bonus, gift, or other consideration not herein specifically authorized (July 17, 1916, c. 245, § 212; Mar. 4, 1923, c. 252, § 2, 42 Stat. 1461).
SUBCHAPTER IV.–PRODUCTION CREDIT
PRODUCTION CREDIT CORPORATIONS Establishment; number; location. The Governor of the Farm Credit Administration, hereinafter in this subchapter and subchapter VI referred to as the "governor", is authorized and directed to organize and charter twelve corporations to be known as “Production Credit Corporations." One such corporation shall be established in each city in which there is located a Federal land bank. The directors of the several Federal land banks shall be ex officio the directors of the respective Production Credit Corporations. Such directors shall have power, subject to the approval of the governor, to employ and fix the compensation of such officers and employees of such corporations as may be necessary to carry out the powers and duties conferred upon such corporations under this subchapter and subchapter VI (June 16, 1933, c. 98, § 2, 48 Stat. 257).
Organization of Banks for Cooperatives, see § 1134.
Charters and bylaws. — The charters of the Production Credit Corporations shall be granted by the governor upon application of the directors of the Federal land bank of the proper district, and applications and charters shall be in such form as the governor shall prescribe. The directors shall have power, subject to the approval of the governor, to adopt such bylaws as may be necessary for the conduct of the business of the corporations (June 16, 1933, c. 98, § 3, 48 Stat. 257).
Charters of Banks for Cooperatives, see § 1134a.
1 See also subchapter VI.
Capital stock; amount; value of shares; amount and subscription for initial stock; payments for stock subscribed on behalf of United States. The capital stock of each Production Credit Corporation shall be in such amount as the governor determines is required for the purpose of meeting the credit needs of the district to be served by such corporation, and such amount may be increased or decreased from time to time by the governor in accordance with such credit needs. Such capital stock shall be divided into shares of $100 each. The initial capital stock of each such corporation shall be $7,500,000, which shall be subscribed for by the governor and held by him on behalf of the United States. Payments on subscriptions to stock by the governor shall be subject to call in whole or in part by the board of directors of the corporation with the approval of the governor. The governor shall make such payments out of the revolving fund created in section 1131i of this chapter. The stock ownership of the United States in such corporation shall be evidenced by such means as the governor shall determine (June 16, 1933, c. 98, § 4, 48 Stat. 257).
Purchase of stock in production credit associations; class of stock to be purchased and held; amount of stock; retirement of stock held by corporations; application of earnings on stock held by corporations-(a) Stock in associations organized under this subchapter.-Each Production Credit Corporation shall have power to invest its funds in stock of production credit associations as provided in this section. Such corporation is authorized to subscribe and pay for class A stock in each Production Credit Association located in the district served by such corporation in amounts sufficient to maintain the amount of class A stock held by it and other holders of class A stock equal, as nearly as may be, to 20 per centum of the volume of loans made or to be made by such association, as estimated by the corporation, but at no time shall the amount of class A stock outstanding be less than $5,000 except with the consent of the association. Notwithstanding the provisions of the preceding sentence, (1) the governor, under rules and regulations prescribed by him, may permit a Production Credit Corporation to maintain the class A holdings of stock by the corporation and other